Consumer prices for the year ending in May rose by 4.2%, the fastest inflation rate in three years, the Bureau of Labor Statistics reported Wednesday.

Inflation has surged to its highest level in more than three years since the U.S. and Israel launched their war on Iran, triggering a surge in gasoline prices.

NEW YORK -- The US consumer price index (CPI) rose 4.2 percent year on year in May, marking its highest level since May 2023, as energy prices remained high, according to data…